Vintage capital, investment, and growth

Jess Benhabib, Aldo Rustichini

Research output: Contribution to journalArticlepeer-review

111 Scopus citations


We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate "gestation lags" as well as "learning by using." We investigate the effect of such features on the dynamics of investment and growth and show how they can contribute to explaining the volatile nature of investment time-series.

Original languageEnglish (US)
Pages (from-to)323-339
Number of pages17
JournalJournal of Economic Theory
Issue number2
StatePublished - Dec 1991


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